Chinese Yuan Makes First Gain in 10 Days Over Firmer Midpoint Fixing by PBOC

Posted Wednesday, August 28, 2019 by
Arslan Butt • 1 min read

The Chinese yuan edged higher early on Wednesday, making the first gain in 10 days, over a firmer fixing of its midpoint by the PBOC. At the time of writing, USD/CNH is trading at around 7.163.

Since early August, the yuan has lost 3.6% of its value against the US dollar as a result of escalating trade tensions between the US and China. Earlier today, China’s central bank brought the official midpoint of the yuan lower to 7.0835, to the weakest level in over 11 years.

The latest official guidance rate came in stronger than market expectations, which was estimated at 7.1027 against the US dollar. A firmer than expected midpoint fixing has helped the yuan regain some lost ground in today’s trading.

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